I strongly disagree.  This assumes that properties like Aliens, Indiana Jones, and the Wizard of Oz have no resonance with modern audiences, which would certainly come as a shock to every modern entertainment conglomerate, which relies on such intellectual properties more then ever before in Hollywood history.  It also assumes that Busby Berkeley was somehow fresh and relevant to audiences in ‘89 and ignoresthe fact that Disney recently built rides based on films that are older then almost anything in the GMR.
The “aura” of classic Hollywood, a nebulous term that doesn’t mean very much without a lot of further definition, was pretty definitively shattered by the 50s by postwar economic, technological, and political developments and was certainly dead and buried by the era of the New Hollywood of the 60s and 70s.  It hasn’t disappeared between ‘89 and today.
Frankly, this is the kid of shallow, “kids today” analysis of cultural history we see all too frequently to excuse thoughtless and hasty change - for instance, the destruction of EPCOT partly because of executive panic over the EXTREME 90s.